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1. The Australian Prudential Regulation Authority Act, 1998 (Cth)

The Australian Prudential Regulation Authority (APRA) is the prudential authority and regulator of the financial services industry in Australia. 

 

APRA’s functions, powers, and responsibilities in various prudential supervision, financial stability, and risk management within the financial services sector in Australia.

 

2. The Banking Act 1959 (Cth)

 

The system of banking regulation in Australia for a deposit-taking institution and the regulatory framework

Banking and financial institution code of practice.

The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.  

 

3. The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act)

Enrolment compliance and its obligations in services like banking, remittance services, digital currency exchanges, etc 

 

​strict compliance with AML /CTF Act and regulations is  essential for maintaining the integrity of financial systems and preventing illicit activities

 

Key Advice in practice​

  1. Borrowing and Lending for transactions related to loans, credit facilities, and financial arrangements.
     

  2. Drafting, reviewing, and negotiating the term sheet, Loan agreement, facility agreement, security agreement, guarantee, and indemnity agreement.
     

  3. Banking Regulation for the operation, supervision, and conduct of banks and financial institutions.
     

  4. Asset Ownership: Legal aspects related to ownership and transfer of financial assets.
     

  5. Insolvency laws concerning financial distress, bankruptcy, and insolvency proceedings.
     

  6. The Personal Property Securities laws: Personal property security agreements.
     

  7. Priority and subordination of personal property securities.
     

  8. Default and enforcement of personal property securities.
     

  9. Real Property Securities law.
     

  10. Title and interest in real property and Mortgage of land.
     

  11. Priority and subordination of real property securities.
     

  12. Default and enforcement of real property securities.
     

  13. Guarantees and indemnities in  financing transactions.
     

  14. The application of the Banking Code of Practice in guarantees.
     

  15. Representing the parties in dispute from the financing agreement.

Recent banking and finance cases update 

Australian Prudential Regulation Authority v Gray [2024] FCA

 

KOUNIS -v- WESTPAC BANKING CORPORATION [No 2] [2023] WASCA 185

Human Appeal International Australia v Beyond Bank Australia Ltd (No 2) [2023] NSWSC 1161

Australian Securities and Investments Commission v National Australia Bank Limited (No 2) [2023] FCA 1118

Australian Prudential Regulation Authority v Garrett [2023] FCA 956

Australian Securities and Investments Commission v Commonwealth Securities Limited [2022] FCA 1253  

CONNELL -v- AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED [2023] WASCA 48

Intertwined

The Banking Code of Practice is a set of promises outlining how a bank should conduct itself in its dealings with customers, as well as specific requirements for banking services.

The Australian Financial Complaints Authority (AFCA) independently assists consumers and small businesses to make and resolve complaints about financial firms.   

The Banking Code of Practice is a comprehensive set of standards that govern how banks in Australia should conduct themselves in their interactions with customers. Developed by the Australian Banking Association (ABA), it outlines the rights and obligations of customers, staff, and businesses concerning banking services and products. Here are some key points about the Banking Code of Practice:

  1. Guiding Principles: The Code sets forth principles that guide banks in their dealings. These principles cover transparency, fairness, and ethical conduct.

  2. Applicability: The Code applies to various parties, including:

    • Customers: This includes individuals (both existing and prospective) and small businesses.

    • Guarantors: Individuals who provide guarantees to secure loans.

    • Banks: The financial institutions that have adopted the Code.

  3. Covered Services: The Code applies to a wide range of banking services, including:

    • Bank accounts and term deposits

    • Credit cards, debit cards, and prepaid cards

    • Home loans and personal loans

    • Consumer credit insurance

    • Payment services

    • Foreign currency exchange services

    However, it does not apply to certain financial products and securities issued by banks.

  4. Enforceability: For signatory banks, the Code forms part of their contractual obligations to customers. It is legally enforceable, allowing customers to rely on the promises made within the Code.

Paper Abstract

our expert advice for banking and finance transactions

Wentworth Lawyers & Partners

Address: Wynyard / Martin Place

Level 10, 20 Martin Place Sydney NSW 2000

T: 1300 140 291 / 1300 577 502 admin@wentworthlaw.com.au

Image by Miquel Parera

our expert advice for banking & finance transactions

Advice in doing financing transactions 

 

Key Advice in practice​

  1. Borrowing and Lending for transactions related to loans, credit facilities, and financial arrangements.
     

  2. Drafting, reviewing, and negotiating the term sheet, Loan agreement, facility agreement, security agreement, guarantee, and indemnity agreement.
     

  3. Banking Regulation for the operation, supervision, and conduct of banks and financial institutions.
     

  4. Asset Ownership: Legal aspects related to ownership and transfer of financial assets.
     

  5. Insolvency laws concerning financial distress, bankruptcy, and insolvency proceedings.
     

  6. The Personal Property Securities laws: Personal property security agreements.
     

  7. Priority and subordination of personal property securities.
     

  8. Default and enforcement of personal property securities.
     

  9. Real Property Securities law.
     

  10. Title and interest in real property and Mortgage of land.
     

  11. Priority and subordination of real property securities.
     

  12. Default and enforcement of real property securities.
     

  13. Guarantees and indemnities in  financing transactions.
     

  14. The application of the Banking Code of Practice in guarantees.
     

  15. Representing the parties in dispute from the financing agreement.

Wentworth Lawyers & Partners

Address: Wynyard / Martin Place

Level 10, 20 Martin Place Sydney NSW 2000

T: 1300 140 291 / 1300 577 502 admin@wentworthlaw.com.au

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